Currency Transfer on the Asian Market

Bank exchange rates are you being ripped off by your bank

Asia’s economy has been on the rise for a while now. Major investments have been made in education, technology, and health sectors which are essentially the main pillars of any country’s growth. The pursuit of a better life by the orients has triggered massive movements across borders and exchange of currencies . According to a 2012 report, the total remittance to developing countries in that year stood at $410bllion, with Asia accounting for 63% of this amount. Many households rely on these monies with a recent study stating as many as 70million households make do with these remittances.

China, India, Bangladesh, and Pakistan are just some of the nations receiving the most monies in form of remittance with a majority of the beneficiaries living in rural areas. Data records show remittances at almost 50% of the GDP for some countries such as Tajikistan. The large number of migrant workers from this continent ensures a steady stream of funds back home. With such figures, many organizations have been on the forefront advocating for reduced transaction fees for remittances, provision of more financial options for Asian families and leveraging economic developments on the backdrop of this impressive numbers. Currently, remittances back to Asia surpass the total amount received as aid and other development funds. A significant proportion of these monies go towards subsistence use and improving standards of living in various households.

Currency Transfer on the Asian Market
The region’s growth has greatly boosted movement of both goods and people across its borders, with countries like Singapore, Japan and Hongkong having a huge foreign workforce. Scientific forecasts show robust growth in various economic fronts, meaning the movement of labour will continue to rise. Countries such as Russia, Western Europe, Australia and North America are a favoured destination by these migrants owing to their lucrative opportunities. A huge proportion of Chinese and South Korean populations move to other countries in search of better prospects. A Country like Japan with a huge aging population receives a lot of migrant workers from Vietnam, China, and Korea. The movement of people across these borders greatly boosts the volume of cash transfers amongst its people. China, for instance, receives about $66billion in remittances, accounting for almost 80% of disbursements in Asia with the highest transaction fee rates in the region. The majority of the households in need of these funds live in rural areas, but the distribution of the payout center is skewed in favor of urban areas with only 20% of them located in rural areas. This reality burdens the individuals in need f these funds since they have to travel long distances to access these funds. With banks controlling a huge market share, there’s need for other players to make an entry into the market.

The greatest determinant to a countries remittance magnitude is linked directly to the mobility of its people to other countries. In the last decade, Philippines has seen an estimated 5 million people move outside its borders in search of better opportunities. Malaysia on the other hand, has had massive labor inflows, signifying growing confidence in its future prospects.

Company Details

Asian Markets

Get a quick quote

Open Account with Currencies Direct

Currencies Direct are located at:
51 Moorgate,, Greater London,, , EC2 R6BH, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882